Honolulu - Asian-Pacific leaders gathering in warm, sunny Honolulu this week will be searching for ways to jump-start faster growth through freer trade, moving up in the gloom over European debt that prevailed days earlier at the G20 summit in Chilly Cannes.
In an era of debt crises and protests against inequality, the role of the annual Asian Pacific Economic Cooperation summit prove to be as much about confidence-building measures, as it is about to fight protectionism.
Leaders of the 21 regional economies "can see freer trade as essential for growth and jobs," said Charles Morrison, president of East-West Center, a think tank in Honolulu.
"The main contribution APEC can do in the short term is to recreate the feeling that the leaders are ministers and central banks in major economies actually work closely together," he said.
APEC activities include a wide range of issues including climate change, energy and food, and politics. But the spotlight in Honolulu will be on its original mission: to promote growth through trade and closer economic ties between Pacific Rim nations from Chile to China.
For President Barack Obama, the Aloha APEC as the event which is dubbed, is a chance to spotlight progress in re-energizing exports, while pushing for a major Pacific trade pact.
The U.S. recently clinched long-sought free trade pacts with South Korea, Colombia and Panama - agreements that, if ratified brings to 20 the number of countries that have an FTA with U.S.
Such events are potentially one billion market for U.S. exporters, and thousands of new jobs. Despite a recent surge in exports, the U.S. share of Asian international trade has fallen 9 percent since 1990, as other nations have suspended trade agreements among themselves.
Europe's debt problems remain a concern, with talks Wednesday among deputy ministers focus on how that may affect the global outlook and the need for a willingness to act to tackle them head wind, a senior U.S. Treasury official said.
Officials agreed on the need to proceed with the reduction of trade gaps, particularly through flexible management of exchange rates. China's willingness to make this commitment both at Cannes and in Honolulu could encourage similar actions by other Asia-Pacific economies, he said.
The prospects for major advances in Hawaii for a Pacific-wide free trade area covering more than half the world's economic output, remains unclear.
U.S., Australia, Malaysia, Vietnam and Peru are negotiating to join the bloc, called the Trans-Pacific Partnership, which already collects the smaller economies of Chile, New Zealand, Brunei and Singapore.
To bring on board other major regional powers like Japan and China, the world's third and second largest economies would expand far block scope and impact.
But Japan's debate on the inclusion of TPP, sidetracked, 11 March earthquake and tsunami disaster, remains in limbo, with the ruling party split. Prime Minister Yoshihiko Noda are expected to hold a press conference in Tokyo before leaving for APEC, when he could announce a decision.
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Article Source:- http://www.washingtonpost.com/business/worldbusiness/aloha-apec-shifts-focus-from-debt-to-trade-green-business-in-hunt-for-fresh-drivers-of-growth/2011/11/10/gIQATOX76M_story.html
